Basic VAT Concepts (Grade 10 NSC Matric Accounting): Quizzes
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Practise the questions
10 questions from this quiz
What is the standard VAT rate in South Africa?
What is the standard VAT rate in South Africa?
14%
Which item is zero-rated for VAT purposes?
Which item is zero-rated for VAT purposes?
Brown bread
Which service is exempted from VAT?
Which service is exempted from VAT?
Financial services
How often must VAT returns be submitted to SARS?
How often must VAT returns be submitted to SARS?
Every second month
Can a business reclaim input tax on zero-rated supplies?
Can a business reclaim input tax on zero-rated supplies?
Yes, all input tax can be reclaimed
What does a credit balance in VAT-control indicate?
What does a credit balance in VAT-control indicate?
VAT payable (current liability)
Under invoice basis, when is VAT recorded?
Under invoice basis, when is VAT recorded?
At earlier of invoice or payment
Under payment basis, when is VAT recorded?
Under payment basis, when is VAT recorded?
Only when payment occurs
Under invoice basis, what happens if a debt becomes bad?
Under invoice basis, what happens if a debt becomes bad?
VAT must be reclaimed from SARS
What is the compulsory VAT registration threshold?
What is the compulsory VAT registration threshold?
R1 million per year